The company yesterday said production for the three months to September increased 22% to 23.3 petajoules, compared with 19.1PJ in the June quarter and 19.8PJ in the same quarter last year.
“These figures reflected the ramp up of production from the BassGas Project over the quarter, improved performance in the Cooper Basin compared with the previous quarter and continuing increases in coal seam gas production,” Origin said.
Total production sales jumped 10% to 23.4PJ, while revenue gained 16% to $117.2 million. Origin said this was due to both higher sales volumes and stronger average prices for all commodities.
The company said its long-delayed $750 million BassGas project achieved daily production target of 67 terajoules per day in the latter half of October.
The BassGas joint venture comprises Origin Energy (operator and 42.5% equity), Australian Worldwide Exploration (30%), CalEnergy (15%) and Mitsui subsidiary Wandoo Petroleum (12.5%).
The company said start-up of its Otway Gas Project would be delayed by another three months due to construction setbacks and new initiatives designed to accelerate progress. Like BassGas, the Otway Gas Project processing facilities are sited on the Victorian coast, but the gas is sourced from Tasmanian waters.
“Overall completion of the project is taking longer than scheduled due to further construction delays at the onshore gas plant, which is being built under a lump-sum contract,” Origin said.
“The plant is now expected to be ready for start-up at the end of the March quarter 2007.”
Origin holds a 30.75% stake in the Otway Gas Project. Operator Woodside has a 51.55% stake, Benaris International NV has 12.7% and CalEnergy Gas holds the remaining 5%.
